TCRAP_Public/101006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, October 6, 2010, Vol. 13, No. 197

                            Headlines



A U S T R A L I A

ALLIED BRANDS: Creditors Report Delays in Getting Invoice Payment


C H I N A

LINGO MEDIA: Posts C$924,000 Net Loss in June 30 Quarter
NEO-CHINA LAND: S&P Raises Corporate Credit Rating to 'B'
POWERLONG REAL: Moody's Assigns 'B1' Senior Unsecured Bond Rating


H O N G  K O N G

186C COMPANY: Court Enters Wind-Up Order
ASCENT FAME: Court Enters Wind-Up Order
BEP MANAGEMENT: Kong Chi How Johnson Steps Down as Liquidator
BOLDTON INTERNATIONAL: Court Enters Wind-Up Order
BURGESS DEFOND: Members' Final Meeting Set for November 8

CHEONG PUI: Chen and Wong Appointed as Liquidators
COSMOPOLITAN COSMETICS: Members' Final Meeting Set for November 1
DICKSON CONST: Creditors Get 100% and 1.89% Recovery on Claims
FIDELITY DISTRIBUTORS: Court Enters Wind-Up Order
SEAGRAM C. I.: Commences Wind-Up Proceedings

STOMP HK: Creditors' Meeting Set for October 22
TAK KEE: Members' Final Meeting Set for October 30
TOP WONDER: Members' Final Meeting Set for November 4
WAI YAN: Creditors' Meeting Set for October 23


I N D I A

AADITIYA ASWIN: CRISIL Lifts Rating on INR62.1MM LT Loan to 'BB-'
BALAJI POLYSACKS: CRISIL Reaffirms 'BB+' Rating on INR13.4MM Loan
COMET GRANITO: CRISIL Lifts Rating on INR80MM Term Loan to 'B'
KALA JYOTHI: CRISIL Reaffirms 'D' Rating on INR354.4MM Term Loan
KINGFISHER AIRLINES: Appoints Sanjay Aggarwal as CEO

KINGFISHER AIRLINES: Mulls Job Cuts to Rationalize Cost
MERCURY TRAVELS: CRISIL Places 'BB' Rating on INR125MM Cash Credit
MIDAS TOUCH: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
NAARAAYANI SONS: CRISIL Reaffirms 'BB' Rating on INR13MM Term Loan
OSWAL OVERSEAS: CRISIL Assigns 'B+' Rating to INR38MM Term Loan

RENNY EXPORTS: CRISIL Rates INR140 Million Packing Credit at 'P4+'
SANGAM WEAVERS: CRISIL Assigns 'BB' Rating to INR17 Mil. Term Loan
SHREE HRISHIKESHAYA: CRISIL Puts 'D' Rating on INR95.7MM Term Loan
SHREE PRAKASH: CRISIL Reaffirms 'BB+' Rating on INR36.7M Term Loan
SHREE RAJMOTI: CRISIL Lifts Rating on INR350MM Cash Credit to 'B+'


J A P A N

MLOX4 TRANSACTION: S&P Puts Ratings on CreditWatch Negative


N E W  Z E A L A N D

CENTURY CITY: Owner Wins Two Weeks Reprieve to Pay CMT Debt
IHC NEW ZEALAND: Subsidiaries Placed Under Statutory Management
ST LAURENCE: In Talks With Bluestone Over Irongate Takeover


S I N G A P O R E

BINTAI ENGINEERING: Creditors Get 80.1144% Recovery on Claims
DMC OFFSHORE: Court Enters Wind-Up Order
NEW STAR: Creditors' Proofs of Debt Due November 1
NISSI TRADING: Court to Hear Wind-Up Petition on October 15
SOON WING: Creditors' Proofs of Debt Due November 1


T H A I L A N D

DOUBLE A: Moody's Withdraws 'B3' Corporate Family Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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A U S T R A L I A
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ALLIED BRANDS: Creditors Report Delays in Getting Invoice Payment
-----------------------------------------------------------------
James Thomson at SmartCompany reports that Allied Brands'
situation continues to worsen, with creditors reporting delays of
up to six months in getting invoices paid.

According to SmartCompany, the revelations come as liquidators
from Sydney accounting firm Smith Hancock placed Allied Brands'
Cookie Man chain up for sale, following a NSW Supreme Court
winding-up order handed down last week.

One of Cookie Man's creditors Mark Nicolls, director of
confectionery company VooDooo, told SmartCompany he is owed
AU$3,900, but expects he will be lucky to see AU$100 when the
liquidation process is complete.

Mr. Nicolls said he has been struggling to get invoices paid since
the beginning of 2010, the report relates.

SmartCompany says the problems extend beyond the Cookie Man brand.
A franchisee from Allied Brands' Baskin Robbins chain has
contacted SmartCompany to report that they are now being asked by
Allied Brands' suppliers to help them chase invoices.

Allied Brands shares remain in a trading halt as a result of
Cookie Man entering liquidation, SmartCompany notes.

As reported in the Trouble Company Reporter-Asia Pacific on
Sept. 15, 2010, the Sydney Morning Herald said Allied Brands
reported last month a full-year net loss of AU$35.2 million
following two profit downgrades and write-downs across the group.
Shares in the company have fallen 86% this year.  SMH said the
poor result has left Allied with negative net tangible assets and
in breach of its banking covenants.  The company said in a
statement it "relies on its financial institutions and noteholders
to continue as a going concern".  At June 30, the company was
AU$640,000 deep into its bank overdraft.

                         About Allied Brands

Allied Brands Limited (ASX:ABQ) -- http://www.alliedbrands.com.au/
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water
filters.


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C H I N A
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LINGO MEDIA: Posts C$924,000 Net Loss in June 30 Quarter
--------------------------------------------------------
Lingo Media Corporation reported a net loss of C$924,041 on
C$559,437 of revenue for the three months ended June 30, 2010,
compared with a net loss of C$691,389 on C$654,358 of revenue for
the same period of 2009.

As at June 30, 2010, the Company had cash of C$59,319 (2009 -
C$1.1 million), and accounts and grants receivable of $510,131
(2009 - C$645,985).  The Company's total current assets amounted
to C$757,387 (2009 ? C$1.9 million) with current liabilities of
C$2.7 million (2009 - C$926,537) resulting in a working capital
deficiency of $1.9 million (2009 - working capital of
C$1.0 million).

The Company's balance sheet at June 30, 2010, showed C$6.4 million
in total assets, C$2.5 million in total liabilities, and a
stockholders' equity of C$3.9 million.

"The Company has incurred significant losses over the years and
has an accumulated deficit as at June 30, 2010.  This raises
significant doubt about the Company's ability to continue as a
going concern.  The ability of the Company to continue as a going
concern is dependent upon raising additional financing through
share issuance, borrowing, sales and distribution agreements."

A full-text copy of the Company's interim consolidated financial
statements for the three months ended June 30, 2010, is available
for free at http://researcharchives.com/t/s?6c1d

A full-text copy of the Company's Management Discussion and
Analysis for the three months ended June 30, 2010, is available
for free at http://researcharchives.com/t/s?6c1e

                        About Lingo Media

Toronto, Canada-based Lingo Media Corporation Lingo Media
Corporation is a diversified online and print education product
and services company focused on English language learning ("ELL")
on an international scale through its business units.  ELL
Technologies Limited is a globally-established ELL multi-media and
online training company marketed under the Q Group brand.  Parlo
Corporation is a fee-based online ELL training and assessment
service.  Speak2Me Inc. is a free-to-consumer advertising-based
online ELL service in China.  Lingo Learning Inc. is a print-based
publisher of ELL programs in China.  Lingo Media has formed
successful relationships with key government and industry
organizations, establishing a strong presence in China's education
market of more than 300 million students.  The Company continues
to expand its ELL offerings in China and is extending its reach
globally.


NEO-CHINA LAND: S&P Raises Corporate Credit Rating to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Neo-China Land Group
(Holdings) Ltd. to 'B' from 'CCC-'.  The outlook is stable.  At
the same time, S&P raised the issue rating on Neo-China's US$400
million senior unsecured notes due 2014 to 'B-'.  S&P removed both
ratings from CreditWatch with positive implications.

"The rating upgrade reflects S&P's view that Neo-China's credit
profile has strengthened since Shanghai Industrial Holdings Ltd.
became the company's controlling shareholder in June 2010.  S&P
believes Neo-China's business risk profile is likely to materially
improve, with better market position, diversification, and
operations," said Standard & Poor's credit analyst Bei Fu.

S&P expects Neo-China's financial performance to gradually improve
to a level more appropriate for a 'B' rating in the coming 12-18
months to reflect the company's strengthened business risk
profile.

"The current rating factors in implicit ongoing support from SIHL,
particularly regarding daily operations, management, and strategy.
SIHL is now Neo-China's largest shareholder, with 46.92% of the
issued share capital.  SIHL has control of the board of directors
as well as the senior management," said Ms. Fu.

SIHL has a stronger credit profile than Neo-China, in S&P's
opinion.  S&P expects SIHL to provide support for Neo-China's
credit profile because of its intention to fully integrate Neo-
China and to build the company into Shanghai government's offshore
property listing vehicle.  The Shanghai municipal government
supervises SIHL's parent company.  S&P expects the real estate
segment to be a focus of growth for SIHL in the next three to five
years.

Neo-China is likely to immediately benefit from a proposed name
change to Shanghai Industrial Urban Development Group Ltd., if
finalized.  Nearly all the board of directors and senior
management of Neo-China have resigned.  Six of the seven new
executive directors on Neo-China's board are SIHL appointees.
Three of these directors are also executive directors of SIHL, and
the rest are senior management of SIHL.

S&P believes SIHL may inject assets into Neo-China after a period
of three to five years, but have not factored this possibility
into the current rating.  SIHL's property assets are of good
quality and that it has a more diversified product mix than Neo-
China.  If an asset injection from SIHL materializes, it is likely
to improve Neo-China's diversification and market position.

S&P believes Neo-China's liquidity and capital base have
strengthened as the company received Hong Kong dollar HK1.59
billion from the new share sale.  Its current financial position
is weaker than a 'B' rating would typically indicate as the
company made a loss in full-year 2009 and the first half of 2010.
S&P expects Neo-China's financial metrics for full-year 2010 to
remain under pressure, but start to improve from 2011.

Construction is likely to accelerate due to improved liquidity and
financial flexibility, given SIHL's backing.  Margins are likely
to increase from depressed levels in the past two years as SIHL
consolidates its operations and focuses on high value-added
products.

The stable outlook reflects S&P's expectation that ownership by
SIHL is likely to improve Neo-China's business risk profile,
corporate governance, and financial management practices.
Following business integration with SIHL, S&P expects Neo-China's
financial performance to gradually improve from 2011 onwards and
that its liquidity will remain adequate.


POWERLONG REAL: Moody's Assigns 'B1' Senior Unsecured Bond Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured bond rating on the US$200 million 13.75% notes due 2015
issued by Powerlong Real Estate Holdings Limited.

The definitive rating confirms the provisional rating assigned on
1 September 2010.

Moody's has also affirmed Powerlong's Ba3 corporate family rating.

The outlook for all the ratings is stable.

                         Ratings Rationale

"Powerlong's Ba3 corporate family rating reflects the strengths of
its niche business model, which offers a balanced mix of large-
scale integrated residential and commercial properties --
including shopping malls -- in China," according to Kaven Tsang, a
Moody's AVP/Analyst.

"It also reflects the company's diversification in China's second-
and lower-tier cities, which are less vulnerable to regulatory
measures," adds Tsang, also a lead analyst for the company.

The Ba3 rating is constrained by the operating and financial
challenges stemming from the company's rapid business growth plan
and short operating history since listing.

"However, growth execution risks are mitigated partly by the
company's high profit margin, which allows higher pricing
flexibility in a down market," says Tsang.

Powerlong's bond rating is notched down to B1, reflecting
structural and legal subordination.  The company's secured and
subsidiary debt to total assets ratio could be in the 15%-20%
range for the next year or two, given that the company will use
predominantly onshore bank loans to fund its construction
projects.

The stable outlook reflects Moody's expectation that Powerlong
will maintain its business strategy of developing large-scale
integrated residential and commercial projects in second- and
lower-tier cities.

It also reflects the expectation that the company will maintain a
stable profit margin, as well as access to onshore bank funding
for its construction activities.

Powerlong's ratings could be upgraded if the company can 1)
achieve its planned sales growth, with stable profit margins; 2)
develop stable and material recurring income from its investment
properties, as planned; 3) maintain a stable financial profile,
without aggressive land acquisitions; or 4) strengthen its
liquidity, with broadened banking relationships and free cash flow
supporting its scale of operations.

Moody's will consider an upgrade if Powerlong can strengthen its
credit metrics, with EBITDA/interest above 6x and net rental
income/interests beyond 1-1.25x, even as it maintains an adjusted
debt/capitalization below 40%.

The ratings could be downgraded if Powerlong's financial position
deteriorates, because 1) sales are weaker than expected; 2) the
company makes aggressive development or land acquisitions, without
a corresponding increase in cash inflow; or 3) the liquidity
necessary to support its operations weakens.

The credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization rising beyond 50%
and/or EBITDA/interest falling under 3-4x.

The last rating action was on 1 September 2010 when Moody's
assigned a corporate family rating of Ba3 to Powerlong and a
provisional (P)B1 rating to its proposed bonds.

Powerlong Real Estate Holdings Limited is a Chinese developer that
builds residential and commercial properties in second- and lower-
tier cities in China.  It currently has a development land bank of
around 6.89 million sqm in gross floor area in 15 cities.  It has
seven completed investment properties, some it holds as long-term
investments.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


================
H O N G  K O N G
================


186C COMPANY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 15, 2010, to
wind up the operations of 186C Company Limited.

The company's liquidator is Chiu Koon Shou.


ASCENT FAME: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 20, 2010, to
wind up the operations of Ascent Fame Development Limited.

The company's liquidator is Chiu Koon Shou.


BEP MANAGEMENT: Kong Chi How Johnson Steps Down as Liquidator
-------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of BEP Management
Services Limited on September 14, 2010.


BOLDTON INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on January 28, 2010,
to wind up the operations of Boldton International Limited.

The company's liquidator is Chiu Koon Shou.


BURGESS DEFOND: Members' Final Meeting Set for November 8
---------------------------------------------------------
Members of Burgess Defond Limited will hold their final meeting on
November 8, 2010, at 9:00 a.m., at 5/F., Chaiwan Industrial
Centre, 20 Lee Chung Street, Chaiwan, Hong Kong.

At the meeting, Stanley Tsang Ming Chit and Cheung Tsung Ching,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CHEONG PUI: Chen and Wong Appointed as Liquidators
--------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen on June 8, 2010,
were appointed as liquidators of Cheong Pui Limited.

The liquidators may be reached at:

         Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


COSMOPOLITAN COSMETICS: Members' Final Meeting Set for November 1
-----------------------------------------------------------------
Members of Cosmopolitan Cosmetics China Limited will hold their
final general meeting on November 1, 2010, at 11:00 a.m., at
20/F., Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DICKSON CONST: Creditors Get 100% and 1.89% Recovery on Claims
--------------------------------------------------------------
Dickson Construction Company Limited, which is in liquidation,
declared dividend to its creditors on October 4, 2010.

The company paid 100% for preferential and 1.89% for ordinary
claims.

The company's liquidators are:

         Stephen Liu Yiu Keung
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


FIDELITY DISTRIBUTORS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on September 1, 2009,
to wind up the operations of Fidelity Distributors (Hong Kong)
Limited.

The company's liquidator is Lau Siu Hung.


SEAGRAM C. I.: Commences Wind-Up Proceedings
--------------------------------------------
Members of Seagram C. I. (Taiwan) Company Limited, on Sept. 21,
2010, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Chan Wai Hing
         Kenneth Graeme Morrison
         Mazars Corporate Recovery and Forensic Services Limited
         42/F, Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


STOMP HK: Creditors' Meeting Set for October 22
-----------------------------------------------
Creditors of Stomp HK Limited will hold their meeting on Oct. 22,
2010, at 2:30 p.m., for the purposes provided for in Sections 241,
242, 243, 244 251, 255A and 283 of the Companies Ordinance.

The meeting will be held at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Kong.


TAK KEE: Members' Final Meeting Set for October 30
--------------------------------------------------
Members of Tak Kee Tson Limited will hold their final general
meeting on October 30, 2010, at 10:00 a.m., at Rm. 1501, 15/F.,
Wanchai Com'l Centre, 194-204 Johnston Rd., Wanchai, in Hong Kong.

At the meeting, Chan Chun Yim, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


TOP WONDER: Members' Final Meeting Set for November 4
-----------------------------------------------------
Members and creditors of Top Wonder Development Limited will hold
their final meetings on November 4, 2010, at 4:00 p.m., and 5:00
p.m., respectively at Suite 2202, Austin Plaza, 83 Austin Road,
Kowloon, in Hong Kong.

At the meeting, Lui Pui Chung and Ng Wai Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


WAI YAN: Creditors' Meeting Set for October 23
----------------------------------------------
Creditors of Wai Yan Investment Limited will hold their meeting on
October 23, 2010, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at Room 1304, 13/F., C C Wu Building,
302-8 Hennessy Road, Wanchai, in Hong Kong.


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AADITIYA ASWIN: CRISIL Lifts Rating on INR62.1MM LT Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Aaditiya
Aswin Paper Mills Pvt Ltd to 'BB-/Stable' from 'B+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR62.1 Million Long-Term Loan    BB-/Stable (Upgraded from
                                                 'B+/Stable')
   INR30.0 Million Cash Credit       BB-/Stable (Upgraded from
                                                 'B+/Stable')

The rating upgrade follows AAPMPL's successful commissioning and
stabilisation of its manufacturing capacity, and the track record
of offtake of the company's products, while maintaining its
operating margin.  AAPMPL achieved capacity utilization of 105 per
cent in 2009-10 (refers to financial year, April 1 to March 31),
and is expected to sustain its operating margin in the range of 10
to 11 per cent over the medium term.

The ratings, however, also reflect AAPMPL's small scale of
operations, low net worth, lack of a captive power plant
constraining its operational efficiency, and susceptibility of its
margins to fluctuations in wastepaper prices.  These rating
weaknesses are partially offset by AAPMPL's promoter's experience
in the paper trading business, and the company's adequate debt
protection metrics.

Outlook: Stable

CRISIL believes that AAPMPL will continue to benefit from its high
capacity utilisation, and its promoter's experience in the paper
industry, over the medium term.  The outlook may be revised to
'Positive' if the company scales up its operations and improves
its profitability.  Conversely, the outlook may be revised to
'Negative' if AAPMPL undertakes a large, debt-funded capital
expenditure programme or acquisition, thereby impacting its
financial risk profile.

                        About Aaditiya Aswin

AAPMPL, incorporated in 2006, manufactures writing and printing
paper of creamwove and maplitho quality.  The company's unit,
located at Sathyamangalam (Tamil Nadu), commenced operations in
April 2008; it has an annual installed capacity of 7800 tonnes.
The promoter, Mr. M Balasubramanian, is also engaged in the paper
trading and distribution business under a sole proprietorship,
Aswin Paper Agency, which has been in existence for more than 20
years.

For 2009-10, AAPMPL reported a profit after tax (PAT) of INR4.59
million on net sales of INR251.8 million, against a PAT of INR3.92
million on net sales of INR198.4 million for 2008-09.


BALAJI POLYSACKS: CRISIL Reaffirms 'BB+' Rating on INR13.4MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Polysacks Pvt
Ltd continue to reflect BPPL's limited financial flexibility, low
net worth, and small scale of operations in the intensely
competitive polyethylene bags industry.  These weaknesses are
partially offset by the benefits that the company derives from its
established customer base.

   Facilities                     Ratings
   ----------                     -------
   INR50 Million Cash Credit      BB+/Stable (Reaffirmed)
   INR13.4 Million Term Loan      BB+/Stable (Reaffirmed)
   INR2.7 Million Proposed LT
           Bank Loan Facility     BB+/Stable (Reaffirmed)
   INR25 Million Bank Guarantee   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that BPPL will maintain healthy growth in revenues
over the medium term, on the back of its promoters' experience and
the increased market potential for its products.  The outlook may
be revised to 'Positive' if the company's financial risk profile
improves significantly, supported by capital infusion and growth
in topline.  Conversely, the outlook may be revised to 'Negative'
if BPPL contracts large debt to fund its capital expenditure
(capex), thereby weakening its financial risk profile.

Update

BPPL's performance for 2009-10 (refers to financial year, April 1
to March 31) is estimated to have been in line with CRISIL's
expectation.  The company's liquidity is likely to remain
moderate, backed by steady accruals, moderate bank limit
utilisation, no significant capex plans, and minimal equipment
loan obligations.

BPPL is planning to float a subsidiary by the end of 2010. The
subsidiary would be manufacturing high-density polyethylene (HDPE)
bags with capacities envisaged at 6000 metric tonnes per annum
(tpa).  The investment in the subsidiary company has not been
estimated as yet.

BPPL reported a provisional profit after tax (PAT) of
INR3.1 million on net sales of INR418.85 million for 2009-10, as
against a PAT of INR1.7 million on net sales of INR402.55 million
for 2008-09.

                      About Balaji Polysacks

Set up as a closely held company in 1995 by Mr. Sajjan Kumar
Agarwal, Mr. Sushil Agarwal, and Mr. Naresh Kumar Agarwal, BPPL
commenced commercial production in 2000.  The company manufactures
HDPE bags, primarily for the fertiliser industry.  It has loom
capacities of 5400 tpa.


COMET GRANITO: CRISIL Lifts Rating on INR80MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on Comet Granito Pvt Ltd's bank
loan facilities to 'B/Stable/P4' from 'D/P5'.

   Facilities                      Ratings
   ----------                      -------
   INR50.0 Million Cash Credit     B/Stable (Upgraded from 'D')
   INR80.0 Million Term Loan       B/Stable (Upgraded from 'D')
   INR5.0 Million Bank Guarantee   P4 (Upgraded from 'P5')

The upgrade reflects Comet's timely servicing of its debt over the
past 15 months. The upgrade also reflects Comet's adequate cash
accruals, and CRISIL's belief that the company will rely on
internal cash flows for servicing its debt obligations over the
medium term.

The ratings reflect Comet's below-average financial risk profile
marked by a small net worth and moderate debt protection metrics,
vulnerability to intense competition and to downturns in the
construction industry, and exposure to risks associated with its
large capital expenditure (capex) plans. These weaknesses are
partially offset by the benefits that Comet derives from the
extensive industry experience of its promoters and its diversified
customer profile.

Outlook: Stable

CRISIL believes that Comet will maintain its established market
position in the vitrified tiles industry over the medium term,
backed by the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case the company scales up its
operations, or if there is significant improvement in its
operating margin, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Comet
undertakes a larger-than-expected debt-funded capex programme,
faces delays in completing its ongoing capex thereby resulting in
deterioration of its financial risk profile, or if its profit
margins decline sharply due to competition.

                        About Comet Granito

Comet was established by Mr. Devshibhai Vashrambhai Bhalodia in
2007. The company manufactures vitrified floor tiles under the
brand Comet.  Its manufacturing unit at Morbi (Gujarat) has an
installed capacity to manufacture 7500 square metres of tiles per
day.  The company is currently modernising its technology to
manufacture double-charged vitrified tiles, and is expanding its
capacity by 6000 square meters per day, raising the total capacity
to 13,500 square meters per day.

Comet reported a profit after tax (PAT) of INR7.5 million on net
sales of INR410 million for 2009-10 (refers to financial year,
April 1 to March 31), as against PAT of INR7.8 million on net
sales of INR369.3 million for 2008-09.


KALA JYOTHI: CRISIL Reaffirms 'D' Rating on INR354.4MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Kala Jyothi Process Pvt
Ltd continues to reflect delays by KJPPL in servicing its term
loans. The delays have been caused by KJPPL's weak liquidity.

   Facilities                      Ratings
   ----------                      -------
   INR49.0 Million Cash Credit     D (Reaffirmed)
   INR354.4 Million Term Loan      D (Reaffirmed)

KJPPL's financial risk profile has weakened because of its large
ongoing debt-funded capital expenditure (capex) and pressure on
its revenues. The company has a small scale of operations and
faces intense competition in the printing industry. However, KJPPL
benefits from the experience of its promoters in the printing
industry, its established customer base, and its improving
operating efficiencies, with separation of printing facilities for
commercial and non-commercial jobs.

Update

KJPPL continues to delay the principal repayment and interest
payment on its term loans from Karur Vysya Bank Ltd (KVB), and
interest payment on its term loans from State Bank of India (SBI)
despite getting the SBI loans restructured in 2009-10 (refers to
financial year, April 1 to March 31). The principal repayment of
term loans from SBI began from September 2010 after being
postponed by 12 months in September 2009. KJPPL's revenues in
2009-10 were lower than CRISIL's expectation, while its operating
margin remained at the previous year's level.  Also, KJPPL
contracted a term loan of INR90 million from KVB for the planned
capex for its Noida unit.  These factors weakened KJPPL's
liquidity.

For 2009-10, KJPPL reported a profit after tax (PAT) of
Rs.14 million on net sales of INR498 million, against a PAT of
INR29 million on net sales of INR543 million for 2008-09.

                          About Kala Jyothi

KJPPL was set up in 1989. The company offers comprehensive print
management solutions, including pre-press, press, and post-press
services. It has a unit in Hyderabad for low-volume, customised
commercial printing jobs, and one at Kondapur (Andhra Pradesh) for
web-based printing and high-volume, mass-printing jobs such as
printing newspapers, magazines, directories, and books. KJPPL set
up two more units, one in Mumbai in December 2007 and one in Noida
(Uttar Pradesh) in March 2010.


KINGFISHER AIRLINES: Appoints Sanjay Aggarwal as CEO
----------------------------------------------------
Kingfisher Airlines has appointed Sanjay Aggarwal as its CEO
effective immediately, The Hindu reports.

The Hindu says Mr. Aggarwal is the former CEO of SpiceJet, another
private air-carrier.

According to The Hindu, Mr. Aggarwal is credited with steering
SpiceJet into profits in FY'10, the first time since its inception
in 2005.  Mr. Aggarwal quit the airline in July this year after
media baron Kalanithi Maran bought a 37.7% stake from U.S.
investor Wilbur Ross.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR1.89 billion, INR2.13 billion and INR1.64 billion for FY2008
through FY2010.


KINGFISHER AIRLINES: Mulls Job Cuts to Rationalize Cost
-------------------------------------------------------
The Hindu reports that UB Group Chairman and CEO Vijay Mallya said
Kingfisher Airlines may cut jobs.

"There are several employees on our rolls whose presence in the
organization will be reviewed," the Chairman of UB Group, of which
Kingfisher is a part of, told the annual general meeting of
Kingfisher, according to The Hindu.

"We will look at some structural changes in combination of jobs,
(and) job profiles as well but without any mass, large-scale
layoffs.  We are looking to rationalize our human resources cost
base," Mr. Mallya said.

The Hindu reports Mr. Mallya also said Kingfisher planned to apply
for more international flight routes to beat possible competition
from Spice Jet and Indigo.

The Hindu relates Mr. Mallya said that with civil aviation staging
a strong recovery, Kingfisher that had earlier deferred new
aircraft purchases because of economic slowdown and general over-
capacity in the sector, has decided to reactivate delivery stream
from Airbus from 2012.

Mr. Mallya also said that Kingfisher had cut non-fuel costs to the
extent of INR530 crore in 2009-10, compared to the previous
fiscal, The Hindu adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR1.89 billion, INR2.13 billion and INR1.64 billion for FY2008
through FY2010.


MERCURY TRAVELS: CRISIL Places 'BB' Rating on INR125MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Mercury Travels
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR125.0 Million Cash Credit     BB/Stable (Assigned)
   INR30.0 Million Bank Guarantee   BB/Stable (Assigned)

The rating reflects MTL's average financial risk profile
constrained by weak debt protection measures and exposure to risks
relating to adverse external events and increasing competition
constraining revenue growth and profitability.  These rating
weaknesses are partially offset by MTL's established market
position, and its promoters' experience, in the tour and travel
management industry.

Outlook: Stable

CRISIL believes that Mercury Travels Ltd will maintain its market
position, and benefit from its promoters' experience in the tour
and travel management industry over the medium term.  The outlook
may be revised to 'Positive' if the company scales up its
operations, with significant and sustained improvement in its
profitability.  Conversely, the outlook may be revised to
'Negative' if large debt contracted to fund capex leads to
material deterioration in MTL's financial risk profile.

                       About Mercury Travels

MTL is a travel solutions company offering corporate travel
management, inbound travel and outbound leisure travel planning,
foreign exchange, and cargo services.  Incorporated in 1948, MTL
was a wholly owned subsidiary of EIH Ltd, which owns/operates the
Oberoi group of hotels.  In 2006, Mr. Ashwini Kakkar and his
associates acquired a 74.9 per cent stake in MTL and the balance
stake is held by EIH Ltd.

MTL is estimated to report a net loss of INR20.5 million on net
sales of INR194.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR30.1 million on net
sales of INR227.2 million for 2008-09.


MIDAS TOUCH: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Midas Touch Exports
continue to reflect Midas Touch's moderate financial risk profile,
marked by weak debt protection measures, and exposure to risks
relating to customer concentration in its revenue profile.  These
weaknesses are partially mitigated by the benefits that the firm
derives from its strong customer profile and promoters' experience
in the textile industry.

   Facilities                        Ratings
   ----------                        -------
   INR87.5 Million Packing Credit    P4 (Reaffirmed)
   INR6.0 Million Letter of Credit   P4 (Reaffirmed)
   INR2.0 Million Bank Guarantee     P4 (Reaffirmed)

Update

Midas Touch's net sales in 2009-10 (refers to financial year,
April 1 to March 31) have improved marginally where as the
operating profitability has remained at previous year's level.
Also, the working capital requirements of the firm have continued
to remain high with the firm's large inventory holding. The firm
has merged the bank limits of all the group concerns into Midas
Touch which now has a bank limit of INR102.7 millions. However,
the entities still remain separate from each other which the
company was earlier planning to merge. The promoters have infused
share capital of around INR6 millions and unsecured loans of about
INR30 millions in 2009-10.

                         About Midas Touch

Established in 1973 as a partnership by Mr. Ashok Rajani,
Mr. Suresh Rajani and their family members, Midas Touch exports
readymade garments manufactured by its two group concerns, Vision
Apparels Pvt Ltd and Flaire Apparel Pvt Ltd.

Midas Touch reported a profit after tax (PAT) of INR4.0 million on
net sales of INR343.1 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR0.5 million on
net sales of INR318.2 million for 2008-09.


NAARAAYANI SONS: CRISIL Reaffirms 'BB' Rating on INR13MM Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Naaraayani Sons Pvt Ltd
continues to reflect NSPL's exposure to risks relating to customer
and geographic concentration in its revenue profile, and the
company's significant debt-funded capital expenditure (capex).
These weaknesses are partially offset by the benefits that NSPL
derives from its promoters' extensive experience in the mining
business.

   Facilities                     Ratings
   ----------                     -------
   INR30 Million Cash Credit      BB/Stable (Reaffirmed)
   INR13 Million Term Loan        BB/Stable (Reaffirmed)
   INR37 Million Proposed Long
       Term Bank Loan Facility    BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NSPL will maintain its market position over
the medium term on the back of its promoters' industry experience.
The outlook may be revised to 'Positive' if NSPL enhances its
revenue diversity, which would strengthen its business risk
profile, and significantly improves its profitability. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a larger-than-expected debt-funded capital expenditure (capex)
programme, or if its revenues decline, and profitability
deteriorates, steeply.

Update

NSPL's performance for 2009-10 (refers to financial year, April 1
to March 31) is estimated to have been largely in line with
CRISIL's expectation.  The total value of Steel Authority of India
Ltd's tender won by NSPL in 2009-10, is now estimated at INR1.4 to
1.5 billion against INR1 billion estimated earlier. There has,
however, been no change in the contract execution period of three
years. NSPL's iron ore mine is currently closed, as its mining
licence will expire in October 2010.  The company has applied for
renewal of the licence, but the mine is not expected to become
operational in the near future.  CRISIL believes that the positive
impact of higher-than-previously-expected revenue from the SAIL
contract will be largely offset by the closure of NSPL's iron ore
mine.  CRISIL, hence, is expecting the company's overall revenues,
over the medium term, to be in line with its earlier expectation.
Furthermore, CRISIL is of the opinion that the closure of the iron
ore mine will not have any significant impact on the company's
operating profitability, as the mine has contributed only 10 to 20
per cent of NSPL's revenues in the past.

NSPL's liquidity is likely to remain weak over the medium term due
to its significant debt-funded capex plans, high loan repayment
obligations, and low current ratio. The company is estimated to
report a profit after tax (PAT) of INR24 million on an operating
income of INR744 million for 2009-10, as against a PAT of INR15
million on net sales of INR631 million for 2008-09.

                       About Naaraayani Sons

Incorporated in December 2000, NSPL undertakes excavation,
crushing, screening, and transportation of manganese and iron ore.
The company also undertakes iron ore mining.  It owns a mine,
spread over 70 hectares, with a reserve of around 0.8 million
tonnes of iron ore and around 8.7 million tonnes of dolerite.
NSPL provides mining services mainly to Essel Mining and
Industries Ltd, Adhunik Metaliks Ltd, Aryan Mining and Trading
Corporation Ltd, and Steel Authority of India Ltd.


OSWAL OVERSEAS: CRISIL Assigns 'B+' Rating to INR38MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Oswal Overseas Ltd
continue to reflect Oswal Overseas' modest financial risk profile,
marked by small net worth and high gearing.

   Facilities                             Ratings
   ----------                             -------
   INR100.0 Million Cash Credit Limit     B+/Stable
   (Enhanced from INR70 Million)

   INR38.0 Million Term Loan              B+/Stable (Assigned)

   INR30.0 Million Bank Guarantee/Letter
                               of Credit  P4 (Assigned)

The ratings also factor in Oswal Overseas' exposure to risks
relating to adverse changes in climate and in regulations
governing the sugar industry.  These rating weaknesses are
partially offset by Oswal Overseas' moderate business risk
profile, supported by benefits derived from its in-house power
generation capacity, and revenue diversification into manufacture
of steel ingots.

Outlook: Stable

CRISIL believes that Oswal Overseas' financial risk profile will
remain constrained over the medium term by its debt-funded capital
expenditure (capex) plans.  The outlook may be revised to
'Positive' if Oswal Overseas reports higher-than-expected sales
and profitability and stabilises operations at its planned
capacities.  Conversely, the outlook may be revised to 'Negative'
if large debt-funded capex programmes lead to deterioration in its
debt protection metrics.

                        About Oswal Overseas

Oswal Overseas, incorporated in 1984, was acquired by the present
management led by Mr. Mohan Singh from the Ashok Oswal group in
1998.  The company manufactures sugar (which contributes 80 per
cent to its revenues) and steel ingots. Its sugar facility at
Bareilly (Uttar Pradesh) has a capacity of 3500 tonnes crushed per
day (tcd).  Oswal Overseas procures cane from 13,000 hectares of
cane area allocated to it, and markets its product through agents.
Its steel ingots facility procures iron scrap from the Indian and
international (mainly Dubai) markets.  The company sells ingots to
rolling mills in India.

Oswal Overseas reported a profit after tax (PAT) of INR22.0
million on net sales of INR757 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.8
million on net sales of INR584 million for 2008-09.


RENNY EXPORTS: CRISIL Rates INR140 Million Packing Credit at 'P4+'
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Renny Exports.

   Facilities                        Ratings
   ----------                        -------
   INR140.0 Million Packing Credit   P4+ (Assigned)

The rating reflects Renny's exposure to risks related to high
customer and geographical concentration in revenue profile,
limited exposure to business cycles, and small net worth.  These
rating weaknesses are partially offset by Renny's moderate risk
management strategy.

Set up as a partnership firm by Mr. Binny Gupta and Mr. Dev Raj
Gupta (father of Mr. Binny Gupta) in 2009, the firm exports gold
jewellery. Renny commenced commercial production towards the end
of December 2009, post the setting up of a jewellery manufacturing
unit at the Noida Special Economic Zone (NSEZ).  The firm is a 100
per cent export-oriented unit. The firm acquired the land on a 30-
year lease and is enjoying full tax exemption till 2013-14 (refers
to financial year, April 1 to March 31).  Currently, the firm has
around 30 employees, who prepare gold jewellery as per the designs
provided by the customers.

Renny reported an estimated profit before tax (PBT) of INR17.3
million on estimated net sales of INR189.5 million for 2009-10.


SANGAM WEAVERS: CRISIL Assigns 'BB' Rating to INR17 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Sangam Weavers
Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR70.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR17.0 Million Term Loan           BB/Stable (Assigned)
   INR1.5 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect SWPL's below-average financial risk profile,
marked by weak debt protection metrics and small net worth, large
working capital requirements, and small scale of operations.
These rating weaknesses are partially offset by SWPL's long
standing track record in knitted fabric and readymade garments
manufacturing business.

Outlook: Stable

CRISIL believes that SWPL will continue to benefit from its
established customer base, over the medium term. The financial
risk profile will, however, remain constrained on account of large
working capital requirements.  The outlook may be revised to
'Positive' if SWPL registers healthy growth in its topline,
resulting in an improvement in its scale of operations or
generates large cash accruals thereby improving its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's cash accruals decline sharply, or it undertakes
large debt-funded capital expenditure programmes deteriorating its
financial risk profile.

                        About Sangam Weavers

SWPL (formerly, Jain Udhay Industries Pvt Ltd) was set up in 1965
and was renamed in 2001.  The company was initially promoted by
Mr. Soshil Kumar Jain, Mr. Ramesh Kumar Jain, and Mr. Tarsen Kumar
Jain; Mr. Tarsen Kumar Jain, however, exited the company in 2007
following a split in the family.

SWPL manufactures knitted fabric and readymade garments with 85
per cent and 10 per cent share in revenues respectively. The
company derives around 5 per cent of its revenues from job work
orders. It caters mainly to the domestic market with miniscule
share of revenues from exports as well. The company's plant in
Ludhiana (Punjab) has a knitting capacity of 4000 kilogram per
day.

SWPL is estimated to report a profit after tax (PAT) of INR1.5
million on net sales of INR249 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR1.2
million on net sales of INR236 million for 2008-09.


SHREE HRISHIKESHAYA: CRISIL Puts 'D' Rating on INR95.7MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Shree Hrishikeshaya
Hospitals Pvt Ltd's bank facilities.  The rating reflects the
delay by SHHPL in servicing its term loan; the delay has been
caused by SHHPL's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR20.00 Million Cash Credit     D (Assigned)
   INR95.70 Million Term Loan       D (Assigned)
   INR30.00 Million Proposed Long   D (Assigned)
          Term Bank Loan Facility

SHHPL's financial risk profile is below-average marked by moderate
gearing and large working capital requirements; SHHPL also has a
limited track record and is exposed to risks related to geographic
concentration in revenue profile. SHHPL, however, benefits from
its experienced management team and healthy operating
capabilities.

                     About Shree Hrishikeshaya

SHHPL was set up in 2008 by Mr. Upendra Reddy in Uppal in
Hyderabad (Andhra Pradesh).  SHHPL is a tertiary care hospital
with a capacity of 150 beds.  The hospital is managed by Dr.
Sridhar, a leading cardio-surgeon and friend of the promoter.

SHHPL posted a provisional profit after tax (PAT) of INR6.9
million on net sales of INR145 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR6.5
million on net sales of INR100 million for 2008-09.


SHREE PRAKASH: CRISIL Reaffirms 'BB+' Rating on INR36.7M Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Prakash Textiles
(Gujarat) Pvt Ltd continues to reflect SPTPL's weak financial risk
profile marked by high gearing and low net worth, small scale of
operations, and vulnerability of its operating margin to
volatility in raw material prices.  These weaknesses are partially
offset by the benefits that SPTPL is expected to derive from the
healthy prospects for the textile industry.

   Facilities                          Ratings
   ----------                          -------
   INR75.0 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR36.7 Million Term Loan           BB+/Stable (Reaffirmed)
   INR4.6 Million Proposed Long-Term   BB+/Stable (Reaffirmed)
                  Bank Loan Facility

Outlook: Stable

CRISIL believes that SPTPL will maintain a stable business risk
profile over the medium term on the back of its established
relationships with customers, and benefits derived from fixed job-
processing charges.  The outlook may be revised to 'Positive' if
there is substantial improvement in the company's operating income
and margins. Conversely, the outlook may be revised to 'Negative'
if SPTPL undertakes a large, debt-funded capital expenditure
programme.

Update

SPTPL's estimated operating income for 2009-10 at INR442 million
(refers to financial year, April 1 to March 31) was in line with
CRISIL's projections.  The company's estimated operating
profitability of 8 per cent for 2009-10, is 1 percentage point
higher than CRISIL's earlier expectations because of the high
proportion of job-work income, which offers a better margin. The
company's operating profitability is estimated to be in the range
of 8 to 9 per cent over the near to medium term due to the
management's intent of increasing the share of job-work income in
the revenue mix.

SPTPL's working capital limits have been enhanced to INR57.0
million in March 2010, from INR49.0 million. The company's
liquidity continues to remain adequate, with an average
utilisation of 82 per cent of its bank limits in 2009-10. SPTPL
had an estimated gearing of 2.14 times as on March 31, 2010.
However, 31 per cent of the total debt has been infused by the
promoters as interest-bearing unsecured loans.  The management has
stated that the interest component on such loans is reinvested
every year however CRISIL believes that these loans will always
carry risk pertaining to cash outflows, and continues to treat
them as debt.

                        About Shree Prakash

SPTPL, incorporated in 1969 by Mr. Purushottamdas Somabhai Patel,
undertakes job work in processing of fabric.  The job work
includes bleaching, dyeing, printing, and finishing of grey cloth.
The company caters to the domestic market (over 75 per cent of the
operating income in 2009-10) and the export market through orders
provided by local agents serving the international market.  SPTPL
has two ISO 9001-certified manufacturing locations in Gujarat?at
Naroda and Rakhial. In the domestic market, the company largely
offers shirting fabric for men's and women's wear, while for the
export-oriented market it mainly supplies made-ups such as bed
sheets and pillow covers. SPTPL's product mix comprises of
polyester and cotton fabric.

SPTPL reported a profit after tax (PAT) of INR4 million on net
sales of INR268 million for 2008-09, as against a PAT of INR3
million on net sales of INR260 million for 2007-08.


SHREE RAJMOTI: CRISIL Lifts Rating on INR350MM Cash Credit to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Shree Rajmoti Industries to 'B+/Stable' from 'B/Stable'; the
rating on the short-term facilities has been reaffirmed at 'P4'.

   Facilities                            Ratings
   ----------                            -------
   INR350.00 Million Cash Credit Limit   B+/Stable Upgraded (From
                                                   B/Stable)
   INR158.40 Million Short Term Bank
                            Facility     P4 (Reaffirmed)
   INR41.60 Million Proposed Short       P4 (Reaffirmed)
                     Term Facility

The upgrade reflects marginal improvement in Rajmoti's capital
structure driven by capital infusion of INR84 million by the
partners. Despite small accretion to reserves of INR12 million
over the past two years, Rajmoti's net worth increased to INR179
million as on March 31, 2010 from INR80 million as on March 31,
2008 because of the capital infusion. As a result, the firm's
gearing improved to 3.7 times as on March 31, 2010 from 5.7 times
as on March 31, 2008.

CRISIL's ratings, however, also reflect Rajmoti's below-average
financial risk profile, marked by small net worth, high gearing
and weak debt protection metrics, large working capital
requirements, and exposure to risks related to intense competition
in the edible oil industry and commodity-like product.  These
rating weaknesses are partially offset by Rajmoti's established
presence in the edible oil industry.

Outlook: Stable

CRISIL believes that Rajmoti will maintain its credit risk profile
over the medium term, backed by the firm's position in the
groundnut oil market in Gujarat, and capital infusion by the
partners.  The outlook may be revised to 'Positive' if Rajmoti's
revenues and operating margin improve significantly or if the
firm's net worth improves in a sustained manner, on the back of
further capital addition by the partners.  Conversely, the outlook
may be revised to 'Negative' if the firm's capital structure
deteriorates because of increased working capital requirements or
large debt-funded capital expenditure, or in case of a decline in
the firm's net worth due to drawings by the partners.

                        About Shree Rajmoti

Set up as a partnership firm in 1962, Rajmoti manufactures and
trades in double-filtered and refined groundnut oil, and refined
cottonseed oil.  The Rajkot-based firm sells groundnut oil under
the brand, Rajmoti.  The firm is promoted by its three partners,
Mr. Sameer Shah, Mr. Shyam Shah, and Mr. Bhavdeep Vajubhai Vala,
with a profit sharing of 28.5 per cent, 28.5 per cent, and 43 per
cent respectively.

Rajmoti reported a profit after tax (PAT) of INR8.0 million on net
sales of INR2.4 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.0 million on net sales
of INR2.6 billion for 2008-09.


=========
J A P A N
=========


MLOX4 TRANSACTION: S&P Puts Ratings on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class A to D trust
certificates issued under the MLOX4 transaction and affirmed its
rating on class X.

S&P placed classes A to D on CreditWatch with negative
implications because it is highly likely that S&P needs to further
lower its assumption with respect to the likely collection amount
from the properties backing one of the transaction's four
underlying loans (liquidation-type loan; the loan originally
represented about 29.5% of the total issuance amount of the trust
certificates).

S&P intends to review its ratings on the four classes that S&P
placed on CreditWatch with negative implications after assessing a
number of factors, including the progress of the sales of the
properties backing the aforementioned loan that are undertaken by
the asset manager, property cash flows, as well as the recovery
prospects of the properties.

MLOX4 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by four loans extended to four
obligors.  The loans were originally backed by 22 real estate
trust certificates held by the four borrowers.  The transaction
was arranged by Merrill Lynch Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services is the transaction servicer.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in May 2014 for the class A trust
certificates; the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to D
trust certificates; and the timely payment of available interest
for the interest-only class X trust certificates.

               Ratings Placed On Creditwatch Negative

                               MLOX4
    JPY42.6 billion floating-rate trust certificates due May 2014

Class  To                  From      Initial issue amount  Coupon type
-----  --                  ----      --------------------  -----------
A      AA+ (sf)/Watch Neg  AA+ (sf)  JPY25.0 bil.          Floating rate
B      A- (sf)/Watch Neg   A- (sf)   JPY6.7 bil.           Floating rate
C      BB (sf)/Watch Neg   BB (sf)   JPY6.7 bil.           Floating rate
D      B (sf)/Watch Neg    B (sf)    JPY4.2 bil.           Floating rate

                          Rating Affirmed

Class       Rating      Initial issue amount
-----       ------      --------------------
X*          AAA (sf)    JPY42.6 bil. (Initial notional principal)

                         * Interest only


====================
N E W  Z E A L A N D
====================


CENTURY CITY: Owner Wins Two Weeks Reprieve to Pay CMT Debt
-----------------------------------------------------------
Ben Heather at BusinessDay.co.nz reports that Wellington property
tycoon Terry Serepisos, owner of Century City Ventures Ltd., will
be given another two weeks to pay money owed to the frozen lender
Canterbury Mortgage Trust (CMT).

FM Custodians, acting on behalf CMT, appeared Monday in the High
Court in Christchurch seeking a summary judgment against Mr.
Serepisos' companies Century City Ventures and New Millenium
Design.

According to BusinessDay.co.nz, FM Custodians lawyer Stephen
Caradus asked that the matter be adjourned to October 18 to allow
the parties more time to resolve the matter.

BusinessDay.co.nz relates CMT has two first ranking mortgages
against Wellington commercial building owned by Mr. Serepisos,
including the Century City Hotel.

Both companies are in default on repayments to CMT and
Mr. Serepisos has faced ongoing pressure from other creditors,
which have included Wellington City Council and the Accident
Compensation Corporation, according to BusinessDay.co.nz

BusinessDay.co.nz reports that Mr. Serepisos last week averted a
bid by ACC to liquidate the Wellington Phoenix football club over
NZ$261,000 in outstanding ACC player levies.


IHC NEW ZEALAND: Subsidiaries Placed Under Statutory Management
---------------------------------------------------------------
The New Zealand Press Association reports that Commerce Minister
Simon Power disclosed Tuesday that the Government had put Idea
Services and Timata Hou, wholly owned subsidiaries of IHC New
Zealand and registered charities funded by the health and social
development ministries, into statutory management.

NZPA relates that the two companies, which care for disabled
people, asked to be put under statutory management because they
could not afford the potential NZ$176 million liability of a
court-ordered requirement to pay workers for the time they are
asleep at their care houses.

Idea cares for almost 5,000 people of whom 3,000 are in
residential care.  Timata Hou, a residential rehabilitation
service, cares for 67 people.

In July, a benchmark Employment Court ruling found against IHC,
which had opposed paying for sleep-over hours.

Under the ruling, NZPA says, staff staying overnight at the IHC's
houses are entitled to get at least NZ$12.50 per hour for their
10-hour shifts.  Staff had received a shift allowance of NZ$34 per
night.  IHC has about 250,000 sleep-over shifts per year.

The Court of Appeal will hear an appeal on October 28, NZPA notes.

According to NZPA, IHC New Zealand chief executive Ralph Jones
said the companies had no choice but to ask for statutory
management, given the potential NZ$176 million liability they
faced.

IHC New Zealand is a New Zealand non-governmental organization
providing support and care for people of all ages with
intellectual disabilities.


ST LAURENCE: In Talks With Bluestone Over Irongate Takeover
-----------------------------------------------------------
Jazial Crossley at the National Business Review reports that
Bluestone Group is in talks to take over the management contract
of Irongate Property, one of the units of the St Laurence group
that escaped receivership.  In July, Bluestone lent $45 million to
Irongate.

NBR says St Laurence Funds Management, a subsidiary of St
Laurence, has been in negotiations with Bluestone Group for it to
take over Irongate's management contract.

According to NBR, two of Bluestone's top staff had become
directors of Irongate at the time it advanced $45 million to
Irongate, but both resigned in recent weeks while talks continued
about taking on Irongate's management contract to avoid a conflict
of interest.

UK-based Bluestone founder Alistair Jeffery and Australian based
chief executive Peter McGuiness both resigned from positions as
Irongate directors on September 24, according to NBR.

"In recent weeks Bluestone have entered into negotiations on an
exclusive basis with St Laurence Funds Management and the receiver
of St Laurence to acquire the Irongate management contract,"
Irongate director Kevin Podmore told NBR.

Bluestone manages $1.5 billion of commercial loans and mortgages
in the UK, Australia and New Zealand.

Irongate reported net losses of NZ$54.50 million and NZ$87.19
million for the years ended March 31, 2010 and 2009, respectively.

                       About St Laurence Ltd.

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.  The receivership covers St Laurence Limited, Direct
Property Investments Limited, SL Five Star Hotel Investments
Limited, St Laurence Lending Limited, St Laurence No. 2 Limited,
St Laurence No. 3 Limited, and St Laurence Realty Limited.
It does not involve Irongate Property Limited, St Laurence
Property Development Fund, or Direct Property Investments No. 6
Limited.


=================
S I N G A P O R E
=================


BINTAI ENGINEERING: Creditors Get 80.1144% Recovery on Claims
-------------------------------------------------------------
Bintai Engineering International Pte Ltd declared the preferential
dividend on September 28, 2010.

The company paid 80.1144% to the received claims.

The company's liquidators are:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


DMC OFFSHORE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on September 17,
2010, to wind up the operations of DMC Offshore Pte Ltd.

William Alan Lyons filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


NEW STAR: Creditors' Proofs of Debt Due November 1
--------------------------------------------------
Creditors of New Star Global Property Management (Singapore) Pte
Ltd, which is in members' voluntary liquidation, are required to
file their proofs of debt by November 1, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


NISSI TRADING: Court to Hear Wind-Up Petition on October 15
-----------------------------------------------------------
A petition to wind up the operations of Nissi Trading (S) Pte Ltd
trading under the name and style of Nissi Trading & Services will
be heard before the High Court of Singapore on October 15, 2010,
at 10:00 a.m.

Harpers Trading (Singapore) Pte Ltd n.k.a DKSH Marketing (S) Pte
Ltd filed the petition against the company on September 22, 2010.

The Petitioner's solicitors are:

         A C Shone & Co
         10 Anson Road #12-11
         International Plaza
         Singapore 079903


SOON WING: Creditors' Proofs of Debt Due November 1
---------------------------------------------------
Creditors of Soon Wing Properties Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 1, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


===============
T H A I L A N D
===============


DOUBLE A: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn Double A (1991) Public Co.
Ltd's B3 corporate family and senior unsecured bond ratings.  The
withdrawal follows the company's early redemption of its 2012
notes.

The last rating action with regard to the company was taken on 13
April, 2010, when the rating outlook was changed to stable from
negative.

Established in 1989, Double A (1991) Public Co. Ltd, formally
Advance Agro Public Co Ltd, is a Thailand-based integrated
producer and distributor of pulp, printing paper and writing
paper.  The company operates three paper mills, including its
original mill in Lamkao Jun and two pulp mills.  Following a
purchase offer for the company's shares by a director and
shareholder at end-2007, it de-listed from the Stock Exchange of
Thailand in April, 2008.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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